Payments processor Total System Services has announced that it plans to acquire Cayan, a payments technology provider focused on integrated payment solutions.
The transaction is valued at about $1.05 billion and is expected to close early next year, according to the company. TSYS aims to use the acquisition to advance its position as a provider for small- and medium-sized businesses.
“TSYS already has tremendous scale and distribution capabilities. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants,” said M. Troy Woods, Chairman, President and CEO of TSYS in a statement.